Sensex Soars 265 Points, Nifty Settles Above 8,500; Maruti Jumps 2.5%
The BSE benchmark Sensex advanced 265 points to close above 28,198 and the Nifty jumped 70 points to close above its crucial psychological level of 8,500 at 8,524 as sentiment turned positive tracking developments in Iran and Greece over last few days.
For the most part of the day, the Sensex and Nifty traded on a firm note on the back of sustained buying interest in technology, auto and pharma stocks. The sentiment on the Street was boosted on optimism that India, which imports almost a third of its crude requirements, would benefit from weak oil prices on the back of the Iran nuclear deal.
"If the oil cost comes down, overall impact would come on the Reserve Bank of India's credit policy straight away because I think inflation would remain under control," Deven Choksey, managing director, KR Choksey Securities told Reuters.
Mr Choksey added the overall economy would benefit from low oil prices as it would kickstart infrastructure projects and also bring down the cost of funds.
From the Nifty-50 basket of stocks, 41 gained while 9 stocks declined.
Maruti Suzuki was the top gainer on the Nifty, the stock advanced 2.5 per cent to close at Rs 4,152. In intraday deals the stock traded at its all-time high price of Rs 4,180.
Wipro, Tata Motors, TCS, Asian Paints, Tata Power, Lupin, Reliance Industries, Infosys, Bajaj Auto, Sun Pharma and Dr Reddy's Labs were also among the prominent gainers on the Nifty.
The broader markets came off the intraday high levels towards the close of today's session. At one time, the BSE mid-cap index traded near its all-time high levels of 11,117. The BSE mid-cap index ended flat at 11,051 while the small-cap index jumped 0.5 per cent.
The overall breadth was positive as 1,539 stocks advanced while 1,282 stocks declined.
3:30 p.m.: The Sensex advanced 252 points to provisionally close at 28,185 and Nifty rose 72 points to settle at 8,526 levels.
3:25 p.m.: Cera Sanitaryware net profit came in-line at Rs 15.6 crore compared to poll of Rs 15.8 crore. Stock jumps 14 per cent to Rs 2,152.
3:20 p.m.: Tata Motors has come under serious selling pressure lately and the stock has fallen 27 per cent in the last quarter and 8 per cent in the last month alone. Institutional investors have been selling Tata Motors shares at every rise, analysts say. (Click here for full report)
3:15 p.m.: Technical analyst Rajat Bose says, traders can buy Bhel as it is showing lot of strength on the charts. Traders can buy the stock at Rs. 273 with a stop-loss below Rs. 269 for a target of Rs. 285, he added.
3:10 p.m.: Overall breadth on the Bombay Stock Exchange was positive as 15,08 stocks were gaining while 1,262 stocks were advancing.
3:00 p.m.: PSU banking shares were facing the heat of selling pressure. Oriental Bank of Commerce was the top losers from this space, down 2.85 per cent at Rs 179.25. Allahabad Bank, Bank of India, Indian Overseas Bank, Union Bank of India, Canara Bank and Punjab National Bank were also among the losers, down 1-2 per cent each.
2:42 p.m.: "If the oil cost comes down, overall impact would come on the Reserve Bank of India's credit policy straight away because I think inflation would remain under control," Deven Choksey, managing director, KR Choksey Securities told Reuters.
Mr Choksey added the overall economy would benefit from low oil prices as it would kickstart infrastructure projects and also bring down the cost of funds.
2:30 p.m.: Monal Desai of Sunidhi Securities & Finance sees Nifty remaining in the 8400-8600 zone in the short term and largecaps outperforming the broader market.
2:15: p.m.: BSE Sensex and Nifty firm in afternoon trade but some profit-taking seen in midcap stocks. BSE midcap index off day's highs, up 0.15 per cent. Traders attribute the outperformance of largecap stocks to strong FII buying. FIIs bought nearly Rs 270 crore of Indian equities on Tuesday.
1:55 p.m.: The markets continued to trade on a strong note in the late noon deals. The Sensex was up 272 points at 28,205 and the Nifty advanced 74 points to 8,528.
1:45 p.m.: Auto stocks were leading the gains on the BSE. The BSE auto index advanced 235 points to 18,760; Maruti Suzuki was the top gainer from this space, the stock jumped 3 per cent to Rs 4,172. Tata Motors, Bharat Forge, Mahindra & Mahindra, Bajaj Auto and MRF were also among the gainers, up 1.2-1.6 per cent each.
1:34 p.m.: Consumer durable stocks were facing the heat of selling pressure. The BSE consumer durables index slipped 1.25 per cent.
1:20 p.m.: Ahluwalia Contracts shares rallied over 12 per cent to hit intraday high of Rs 253 after Franklin Templeton Mutual Fund acquired shares in the company through a bulk deal on the National Stock Exchange.
According to the bulk deal data of NSE, Franklin Templeton Mutual Fund acquired 4.17 lakh shares of Ahluwalia Contracts for its Franklin India Smaller Com scheme at an average price of Rs 220.57 per equity share.
1:06 p.m.: European markets edge lower ahead of crucial Greek parliament vote which will decide whether Greece will agree to the fresh terms and conditions set by its creditors for a bailout or not. French CAC 40 index was down 0.2 per cent, Germany's DAX slipped 0.3 per cent and Britain's FTSE 100 was also down 0.3 per cent.
1:00 p.m.: Banking stocks were trading on a subdued note. The Bank Nifty was up 0.3 per cent; Federal Bank, Yes Bank, Bank of Baroda, Bank of India, Punjab National Bank and Canara Bank were among the prominent losers.
12:55 p.m.: The stock market recovery that began in China last week after a slew of government steps to halt a crash ran abruptly out of steam on Wednesday, with markets dropping sharply in afternoon trade despite surprisingly positive economic data.
The CSI300 index fell 4.5 per cent to 3,926.54 points at 6:15 GMT (11:45 a.m. in India), set for its biggest daily fall since July 8, when it closed down nearly 7 per cent, while the Shanghai Composite Index lost 4.1 per cent to 3,764.18 points. (Click here for full report)
12:40 p.m.: Mid-cap stocks witness buying interest. The BSE mid-cap index was trading near all-time high levels of 11,117.38, up 0.3 per cent at 11,076. Cadila Healthcare, M&M Finance, Godrej Industries, Cummins India, Container Corp, Nalco, Tata Chemicals and Glenmark Pharma were among the top gainers from this space.
12:23 p.m.: The Sensex was trading 260 points higher at 28,193 and Nifty advanced 69 points to 8,523.
12:08 p.m.: Nifty 8,500 strike price call option was the most active derivatives contract on the NSE. The premium on the contract jumped 42 per cent to Rs 115.85. Open interest on the contract saw reduction of 3.48 lakh shares indicating that traders were booking profits on the contract.
12:02 p.m.: Ashwin Patil, equity analyst with LKP Securities says that Maruti Suzuki is trading at valuation of 22 times its FY17 earnings and its PE multiple can touch 25 times given company's growth and margins and the stock can go up to Rs 4,500 from current levels.
11:50 a.m.: Unitech, Educomp Solutions, J P Associates, Subex, Tata Motors, Granules, IFCI and Reliance Communication were the most actively traded stocks on the National Stock Exchange.
11:35 a.m.: Ajay Bodke of Prabhudas Lilladher says that one can look at buying stocks such as Ashoka Buildcon, Sadbhav Engineering, Larsen & Toubro and Cummins India with two to three year horizon as government is spending aggressively on road construction projects.
11:30 a.m.: Zee Entertainment Enterprises reported a 15 per cent growth in net profit for the quarter ended June 30, boosted by higher advertising revenue.
Its net profit grew over 15 per cent year-on-year to Rs 242 crore while its revenue witnessed a strong growth of 27 per cent to Rs 1,340 crore. Stock was up 1.3 per cent at Rs 379.
11:26 a.m.: Maruti Suzuki, ACC, ONGC, Reliance Industries, Hindalco, Larsen & Toubro, Bajaj Auto, Infosys, Larsen & Toubro, TCS and State Bank of India were among the top gainers on the Nifty, up 1-2.5 per cent each.
11:20 a.m.: Aban Offshore -- India's largest offshore drilling services provider -- shares are on fire following the announcement of the Iran nuclear deal. The stock closed 16 per cent higher on Tuesday and was up another 5 per cent today, hitting an intraday high of Rs 338.60. (Read)
11:00 a.m.: Adhunik Metaliks shares were locked in upper circuit of 20 per cent at Rs 18.80 after Adhunik Metaliks informed the BSE that Orissa Manganese and Minerals its wholly owned subsidiary has been granted extension of lease for their three manganese ore mines.
10:50 a.m.: NIIT Technologies shares surged for fourth day after the company posted a 35 per cent increase in quarterly net profit during market hours the previous day. The stock jumped 3 per cent to hit intraday high of Rs 478.90.
10:46 a.m.: Samir Arora says 10 per cent earnings growth is not a bad number considering they are coming after a weak environment.
10:40 a.m.: Century Plyboards surges 3.5 per cent to hit intraday high of Rs 197.10 after company's wholly owned subsidiary Century Ply (Singapore) Pte. Ltd. in Singapore incorporated a step-down subsidiary by the name PT Century Ply in Indonesia.
10:35 a.m.: Samir Arora says expect Indian stock markets to return 15 per cent annualized return over next few years.
10:32 a.m.: Prakash Diwan of Altamount Capital Management says Alstom T&D is a good stock to accumulate as it is insulated from day-to-day market volatility due to low liquidity. Government's plan to revive the power sector augurs well for the stock. (Stock Talk: Prakash Diwan on Maruti Suzuki, Aban Offshore, Tata Motors)
10:28 a.m.: Samir Arora, fund manager at Helios Capital tells NDTV that we are 'higher than normal' bullish on Indian markets and the Chinese market turmoil is increasing the attractiveness of Indian stocks.
10:10 a.m.: Shares of Maruti Suzuki on Wednesday rose over 2 per cent to a new life high of Rs 4,138.45, extending its gains to the third day. Brokerage Credit Suisse has increased its target price on Maruti Suzuki to Rs 5100, maintaining its outperforming rating on the stock. (Click here for full report)
10:00 a.m.: Jindal Steel and Power shares fell 2.4 per cent to hit low of Rs 80.80 after one of its promoter pledged 3.49 per cent stake in the company with Axis Trustee Services Ltd.
In a BSE filing, the steel and power producer said its promoter OPJ Trading Pvt Ltd has pledged 3.49 per cent stake in the firm with Axis Trustee Services Ltd on July 6, 2015.(REad full report)
9:55 a.m.: DLF shares advance 2.2 per cent to Rs 117.10 on reports that the company is in talks with Singapore government's investment arm GIC to raise Rs 3,000 crore by selling its 49 per cent stake in new residential project in Delhi. Deal is likely to be closed by next month.
9:45 a.m.: The Sensex and Nifty are witnessing upward movement as the rating agency Moody's said on Tuesday that the Reserve Bank is likely to cut interest rates in its upcoming monetary policy review next month despite retail inflation surging to an eight-month high in June.
According to Moody's Analytics, the rise in CPI inflation was largely due to base effect.
9:40 a.m.: Most of the stocks on the Nifty were trading higher as 46 stocks were advancing while 4 were declining.
Maruti Suzuki was the top Nifty gainer; the stock advanced 2 per cent to Rs 4,132. Zee Entertainment, Wipro, Mahindra & Mahindra, ONGC, Tata Consultancy Services, Tech Mahindra, Larsen & Toubro and UltraTech Cement were also among the gainers.
9:30 a.m.: Prakash Diwan of Altamount Capital Management says markets have not digested the slew of positive global outcomes and says that Nifty is likely to edge higher to 8,750-8,780 in the short term.
9:25 a.m.: The Sensex rose over 150 points and was firmly trading above its crucial psychological level of 28,000 and the Nifty was trading close to its psychological level of 8,500 on the back of broad-based buying.
Buying was visible across the board. Capital goods, IT, auto, realty and metal stocks were witnessing buying interest.
The broader markets were broadly in-line with the benchmark indices. The BSE mid-cap and small-cap indices advanced 0.4 and 0.6 per cent each.
9:17 a.m.: The Sensex moved above its crucial psychological level of 28,000 in the opening deals on Wednesday. The Sensex advanced 82 points and the Nifty rose 16 points to 8,470.
9:08 a.m.: Sensex jumps 89 points to 28,022 and Nifty gains 9 points to 8,464 in the pre-market session.
9:00 a.m.: Rupee opens higher at 63.36/dollar against Tuesday's close of 63.39.
8:45 a.m.: Market analyst Rajat Bose says Nifty is likely to trade in a broad range of 8,200-8,550; as long as 8,450 is held, there is no reason for concern.
8:40 a.m.: Bank of America Merrill Lynch has maintained its buy call on State Bank of India for target price of Rs 375 per share. BoFAML says that the bank is well positioned to capitalize on the macro uptick and on the asset quality concerns worst seems to be behind SBI. Risk reward still seems very positive, adds BoFAML. (Click here for more brokerage calls)
8:20 a.m.: Below are the stocks which will be in focus today:
Zee Entertainment: Zee Entertainment will declare its first quarter numbers later in the day. Analysts expect the company to post sales of Rs 1,287 crore compared to Rs 1,085 crore during the same period last year. Net profit is expected at Rs 219 crore compared to Rs 210 crore (YOY).
DLF: DLF will be in focus today as reports suggest that the company is in talks with Singapore government's investment arm GIC to raise Rs 3,000 crore by selling its 49 per cent stake in new residential project in Delhi. Deal is likely to be closed by next month.
Tata Motors: Tata Motors may face some selling pressure as its subsidiary Jaguar Land Rover reported flat sales for the month of June. JLR retail volumes came in flat at 39,602 units. Sales in its biggest market China declined by 46 per cent to 6,242 units (YoY).
Lupin: Lupin has sought for shareholders nod for issuing securities worth Rs 7,500 crore.
India Cements: India Cements will move Supreme Court against suspension of Chennai Super Kings from Indian Premier League.
Jindal Steel: JSPL's promoters have pledged 3.4 per cent stake with Axis Trustee Services.
NHPC: NHPC has raised Rs 1,475 crore by issuing long term 'T' series bonds.
Century Ply: Century Ply has incorporated a new entity in Indonesia.
8:10 a.m.: The foreign institutional investors purchased Indian shares worth Rs 269.9 crore while domestic institutional investors sold shares worth Rs 130 crore.
In the derivatives segment, the FIIs purchased index futures worth Rs 890 crore and sold stock futures worth Rs 430 crore.
7:50 a.m.: The Sensex and Nifty are likely to open on a positive note ahead of number of global events which are due later in the day. The Nifty traded on the Singapore Stock Exchange also known as the SGX Nifty was up 0.2 per cent indicating a positive start for the Indian markets.
However, the markets are likely to trade cautiously ahead of global events which are due to take place later in the day. Greece Parliament will vote on a sweeping austerity package to secure the funding it needs to stem its fiscal crisis and remain in the euro zone.
Chinese economic data, Bank of Japan's policy decision and congressional testimony by the U.S. Federal Reserve chief are also some events which market participants would watch out for.
